Payoneer is a popular international payment system that the company’s clients use to send or receive money all over the world. According to the Payoneer website, they have over 4 million users across 200+ countries to whom they provide a fast, flexible, secure and low-cost solution. Payoneer accounts can be held in USD, EUR, GBP, JPY, CAD, AUD & MXN.
What Forex brokers are accepting Payoneer?
Unfortunately, I could not find any forex broker that would directly accept Payoneer for deposits and withdrawal (And I doubt that there is any). With that being said, because Payoneer offers ACH Bank Debit card, credit card, local bank transfer as well as Payoneer Prepaid MasterCard, you can use one of these options to fund your forex trading account. Here is a list of popular CySEC regulated brokers that work with credit/debit cards as well as with bank transfers.
*Spreads were recorded for the currency pair EUR/USD.
What fees does Payoneer charge?
Payoneer does not charge any sign-up fees and there are also no fees when transferring funds to other Payoneer users. If you purchase the Payoneer Prepaid MasterCard, the annual fee is $29.95 / €24.95 / £24.95 and then purchases online or in stores when using the USD, EUR, & GBP Card are free of charge (tho a cross-border fee may be charged for international purchases). If you pay via the ACH Bank Debit card, then the applicable fee is 1%. For credit card payments the fee is 3% and the local bank transfer fee is 1%.
If you decide to withdraw money from your Payoneer account, the applicable fee is up to 2%. However, if you withdraw to a bank account in the same currency (as is your Payoneer account), then the withdrawal fee is only $1.50, or €1.50, or £1.50 (this currency also has to be the local currency in the country you live in).
Popular alternatives to Payoneer
If you don’t like using Payoneer when depositing and withdrawing money from your forex broker, you can consider other popular payment methods like M-Pesa and other Mobile money systems (especially popular in Kenya, Ghana and other African countries), Credit/debit cards, Payoneer, Paypal, Skrill or Neteller.